Saturday, August 3, 2019

Oluseyi Awojulugbe

    The taxpayers in other parts of the country are ‘not up to 50%’ of those in Lagos

The taxpayers in other parts of the country are ‘not up to 50%’ of those in Lagos

Oseni Elamah, executive secretary of the joint tax board (JTB), says the taxpayers in other parts of the country are not up to 50% of those in Lagos.Elamah, who made this statement while speaking in Abuja, said state governments would benefit greatly from the implementation of Voluntary Assets and Income Declaration Scheme (VAIDS).VAIDS is an initiative of the ministry of [...]

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    How N637.70bn Sept allocation was shared

How N637.70bn Sept allocation was shared

Data made available from the National Bureau of Statistics (NBS) shows that N637.70 billion was disbursed by the federal accounts allocation committee (FAAC).The FAAC September 2017 disbursement report was released by the bureau on Friday."The federation account allocation committee (FAAC) disbursed the sum of N637.70billion to the three tiers of government in September 2017 from the revenue generated in August [...]

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    NNPC to begin oil exploration in Nasarawa

NNPC to begin oil exploration in Nasarawa

Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC), says the company will soon begin oil exploration activities in Nasarawa state.According to Ndu Ughamadu, Baru said this when he paid a visit to the governor of the state, Umaru Tanko Almakura, on Thursday.Baru said the visit was in fulfilment of the presidential mandate to resume oil exploration activities [...]

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    IBB’s son appointed Unity Bank chairman

IBB’s son appointed Unity Bank chairman

The management of Unity Bank says it has appointed Aminu Babangida, son of Ibrahim Babangida, former military head of state, as chairman of the bank.In a notice posted on the Nigerian Stock Exchange website on Thursday, the bank said his appointment had been approved by the Central Bank of Nigeria (CBN).The notice, which was signed by Mohammed Shehu, company secretary, [...]

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    Bonds recover, record oversubscription — for second month in a row

Bonds recover, record oversubscription — for second month in a row

The Debt Management Office (DMO) says the 10-year tenor bond was oversubscribed by 97% in the just concluded October auction.According to a bond summary released by the agency, the five-year tenor bond only recorded six percent subscription.Out of the N50 billion offered for each bond, the five-year tenor bond recorded N3 billion subscription from six successful bids while the 10-year [...]

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    AMCON: Passengers praise us for Arik, Aero intervention

AMCON: Passengers praise us for Arik, Aero intervention

The Asset Management Corporation of Nigeria (AMCON) says it has received commendation from airline passengers for its intervention efforts in Arik Air and Aero Contractors.In a statement received by TheCable and signed by Jude Nwauzor, the corporation said Arik Air is "now the number one when it comes to keeping to flight time schedules".In February 2016, AMCON took over Aero [...]

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    Adeosun: We have to spend $3bn refinancing debts inherited from Jonathan

Adeosun: We have to spend $3bn refinancing debts inherited from Jonathan

Kemi Adeosun, minister of finance, says the federal government will spend $3 billion refinancing debts from the administration of former President Goodluck Jonathan.She said this while featuring on an Arise TV programme.The minister also said the $5.5 billion loan which President Muhammadu Buhari is seeking to get the approval of the national assembly for, is made up of two components - refinancing [...]

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    NBS: Reduced consumption led to GDP decline in 2016

NBS: Reduced consumption led to GDP decline in 2016

The National Bureau of Statistics (NBS) says the gross domestic product in real terms declined in the third and fourth quarters of 2016.The NBS made this known in its 'Nigerian Gross Domestic Product Report on Expenditure and Income Approach' for the third and fourth quarter of 2016.According to the report, the decline followed the negative growth trend from the first [...]

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    Oando heads to court, kicks against forensic audit

Oando heads to court, kicks against forensic audit

Oando Plc says it has asked a court to restrain the Nigerian Stock Exchange (NSE) and Security Exchange Commission (SEC) from further suspending its shares.NSE and Johannesburg Stock Exchange had suspended trading of Oando shares, citing an advice from SEC.On Monday, the NSE partially lifted the suspension on the shares, meaning that the shares can be traded but there will be no [...]

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    Elumelu: Female businesses create more benefits for the society

Elumelu: Female businesses create more benefits for the society

Tony Elumelu, chairman, Heirs Holdings, says female businesses create more businesses for the society.The founder of The Tony Elumelu Foundation made this statement while speaking on a panel at the Future Investment Initiative Conference in Riyadh, Saudi Arabia, on Tuesday.The conference, which was organised by Public Investment Fund, was aimed at discussing ways of achieving economic diversification in dynamic economies."Female [...]

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    Dangote’s refinery should meet local needs, says Kachikwu

Dangote’s refinery should meet local needs, says Kachikwu

Ibe Kachikwu, minister of state for petroleum, says the 650,000 barrels per day capacity refinery being constructed by Aliko Dangote, "should be enough to meet local needs".Kachikwu made this statement while speaking at the ongoing 24th Africa Oil Week in Cape Town, South Africa."That should be enough to meet local needs," he said adding that the country is close to [...]

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    False financial statements, insider dealing — SEC reveals Oando’s ‘sins’

False financial statements, insider dealing — SEC reveals Oando’s ‘sins’

The Securities Exchange Commission (SEC) says it suspects that the management of Oando Plc declared false financial statements and unrealised profits.The commission made this known in a letter signed by Imoh Anast, head, SEC's legal department, and sent to Wale Tinubu, group chief executive officer of the company, on October 17.According to the letter, Dahiru Mangal, who petitioned the company [...]

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    BVN registration: Give Nigerians in diaspora more time, Dabiri-Erewa pleads

BVN registration: Give Nigerians in diaspora more time, Dabiri-Erewa pleads

Abike Dabiri-Erewa, senior special assistant to the president on foreign affairs and diaspora, says more time should be given to Nigerians in the diaspora to register for the bank verification number (BVN).The aide made this plea in response to the move of the federal government to seize monies in accounts without BVN.In December, TheCable reported that 46 million accounts had [...]

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    Senate: 25 agencies withheld N1.6trn from FG

Senate: 25 agencies withheld N1.6trn from FG

According to a report by the senate ad hoc committee, 25 government agencies failed to remit N1.695 trillion revenue to the consolidated revenue fund.The committee also disclosed that the Nigerian National Petroleum Corporation (NNPC) was running on a deficit of about N3.115 trillion between 2012 and 2016.NAN reports that the committee said more than 600 agencies were involved but listed 92 of them.The [...]

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    NSE partially lifts suspension on Oando’s shares

NSE partially lifts suspension on Oando’s shares

The Nigerian Stock Exchange (NSE) says it has partially lifted the suspension placed on shares belonging to Oando Plc.In a notice signed by Tinuade Awe, general counsel, head of regulation, NSE said shareholders can now trade their shares but the trading activity will not lead to a change in price."Dealing members are referred to our market bulletins of Wednesday, October [...]

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Exchange Rates

August 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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